Analysis of cutting-edge securities industry issues
Recently, an investor advocacy group petitioned the SEC to prohibit brokerage firms, who offer wraparound accounts, to also provide investment advice through both a duly registered BD and investment adviser. …
Continue Reading PRIVATE GROUP SEEKS TO BAN ACCOUNTS FROM DUAL REGISTRANTS
In its never ending quest to find suitable ways to address capital formation issues in the United States, the SEC’s Division of Corporation Finance is looking to see if foreign jurisdictions…
Continue Reading IS IT POSSIBLE TO FIND CAPITAL FORMATION SUCCESS OVERSEAS?
The SEC’s Office of Compliance Inspections and Examinations announced that it will increase their examinations of newly registered private fund advisers starting this summer.
These examinations are being done in…
At a recent corporate counsel meeting, the SEC’s New York Regional Director made a highly critical statment of the Dodd-Frank provision requiring the SEC either to bring a case or to…
Continue Reading SEC STAFF HIGHLY CRITICAL OF WELLS NOTICE DODD FRANK PROVISION
The Board of Governors of the Federal Reserve, the SEC and the CFTC jointly confirmed recently that entities subject to the Volcker Rule would the have the full two year…
OCIE is intending to review newly registered hedge and private equity fund advisers by focusing in on certain priorities.
In particular, OCIE will review due diligence practices; fraud indicators; unknown service providers; problem…
Continue Reading OCIE’S PLAN TO REGULATE PRIVATE FUND ADVISORS
In response to the Supreme Court’s decision in Morrison v. National Australia Bank where the Supreme Court said that there was no private right of action for lawsuits that involved…
Continue Reading SEC’S POSITION ON PRIVATE SUITS AFTER MORRISON
The United States District Court for the District of Massachusetts, recently, ruled that a FINRA Arbitrator must consider any counterclaims in an action brought against Trustees of a profit sharing…
Recently, the SEC’s newest commissioner, Commissioner Daniel Gallagher, discussed certain of his beliefs, including, among other things, that the SEC should use its exemptive authority derived from the Investment Advisers Act of 1940, to provide…
Continue Reading SEC COMMISSIONER GALLAGHER DISCUSSES CRITICAL ISSUES
Recently, SEC Chairman, Mary Shapiro, was called to task for the high number of reported administrative proceedings by Congress. In particular, the SEC was accused of reporting follow on administrative…
